Will Bank Nifty celebrate economic and political news flow ?

Last week we gave Nifty Chopad level of 15306 and Bank Nifty did 3 target on upside rewarding chopad followers by 520 points Nifty witnessed a volatile week due to wild swings seen in global markets. Tomorrow market will open reacting to both political and economic news. Diesel deregulated, natural gas price hiked and BJP set to form government in both Maharashtra and Haryana and taking Modiji dream of “Congress Mukt Bharat” one step closer. Lets see how to trade market next week. 24 October is again a trading holiday.

Bank Nifty Hourly

Bank Nifty hourly charts are trading in contracting triangle, triangle breakout comes above 15150, if broken and closed over it bank nifty is heading to new high towards 16309 by Mahurat trading session.

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shown as above.

Bank Nifty Daily

Bank Nifty daily is near its trendline support on daily chart close above 15700 bulls are back in bank nifty and heading towards new high. This is what we discussed last week .Also 100 DMA support is seen in bank nifty. Next 2 days are very important holding 15000 can see a sharp pullback in bank nifty. Break below 15000 will see quick fall till 14750/14500.

Bank Nifty Daily EW

Bank Nifty has completed its ABC correction @ 15130 and heading towards 16150 and above that 16400 in short term.

Bank Nifty Daily Bias

As per above analysis we have been mentioning the same from past few weeks

Bank Nifty daily chart after fall of 1000 points is still in neutral zone suggesting underline trend is still bullish and dip in bull market correction needs to be bought into.

Traders who bought the dips must have been rewarded handsomely, more to come .

Bank Nifty Gann Dates

As per time analysis 20 October is Gann Turn date , except a impulsive around this date.

Fibonacci Fans

Bank nifty took support near Fibo fans and gave a pullback and is heading towards 16300/16500

Fibonacci Retracement

15091 is 61.8% retracement will offer a good support to Bank Nifty , low made 16130 and bank nifty shotted up.

Bank Nifty Weekly

Bank Nifty Weekly chart is still in neutral zone as per Harmonic theory, Means dips coming should be bought into. Negative weekly cycle has come to an end and we started seeing bullish move from past week, which should be continued forwards.As per AF bank nifty target comes in range of 16700/16800.

Bank Nifty Monthly

Bank Nifty is also approaching the trendline on upside was unable to cross the first time ans saw a big decline

Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:16086

Bank Nifty Resistance:16216,16476,16736

Bank Nifty Support:15956,15826 and 15696

Levels mentioned are Bank Nifty Spot

Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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